October 24, 2019 / 7:34 AM / 20 days ago

Indonesia c.bank cuts key rate to 5.0%, fourth trim in a row

JAKARTA, Oct 24 (Reuters) - Indonesia’s central bank stepped up efforts to boost Southeast Asia’s largest economy on Thursday by cutting its benchmark interest rate for the fourth time in four months.

Bank Indonesia (BI) lowered the 7-day reverse repurchase rate by 25 basis points (bps) to 5.00%, as predicted by 18 out of 30 economists in a Reuters poll.

In the current easing cycle, the central bank this year has rolled back 100 bps of the 175 bps of rate hikes it made in 2018 to contain capital outflows related to monetary tightening by the Federal Reserve.

Officials this year have said their main focus is maintaining growth momentum amid a global slowdown in growth.

BI’s two other main rates for overnight deposit and lending facilities were also trimmed by 25 bps on Thursday, to 4.25% and 5.75%, respectively. (Reporting by Maikel Jefriando and Nilufar Rizki; Writing by Gayatri Suroyo; Editing by Richard Borsuk)

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